(hat tip Pedro da Costa @pdacosta)
"The leaders of five East African countries signed a protocol on Saturday laying the groundwork for a monetary union within 10 years that they expect will expand regional trade."
"In a monetary union, the absence of currency risk provides a greater incentive to trade" [they claim*]
"Adjusting to a single monetary and exchange rate policy is an inescapable feature of monetary union ... but this will take time and may be painful for some," [a rube, ... er 'spokesman'] said, referring to the fact that some countries may struggle to meet agreed benchmarks.
***
Deja vu? Corrupt Neo-Liberals in corrupt countries perceive familiarity as a positive? Does pegging allowable looting levels to "banking stability" constitute a felony yet?
*Standard disclaimers apply. Euro experiences may diverge from the claims made in advance. See your local 1% for protection racket access.
